Stifel resumed coverage of Rhythm Pharmaceuticals (NASDAQ:RYTM) with a “buy” rating and $23 price target. The stock closed at $8.49 on March 1.
Rhythm is a commercial biopharmaceutical company developing therapeutics for the treatment of ultra-rare genetic disorders that cause severe, life-threatening metabolic disease.
The initial FDA approval of IMCIVREE for certain rare genetic diseases of obesity validate melanocortin-4 receptor pathway as a target that “we believe opens expansion opportunities,” writes analyst Dae Gon Ha, Ph.D.
“Starting with Bardet-Biedl Syndrome, despite the recent PDUFA extension we think the FDA’s decision [on June 6, 2022] – if positive – modestly expands IMCIVREE’s addressable market,” Dr. Ha said.
“While this is clearly an important milestone in unlocking additional IMCIVREE value, we think the more attractive value-creation opportunity lies with the EMANATE trial and a weekly subcutaneous formulation of IMCIVREE,” he added.
